The 1998 Liberty Bowl was a college football bowl game played on December 31, 1998, at Liberty Bowl Memorial Stadium in Memphis, Tennessee. The 40th edition of the Liberty Bowl, the game matched the BYU Cougars of the Western Athletic Conference (WAC) and the Tulane Green Wave of Conference USA (C-USA). The game was sponsored by the Axa Equitable Life Insurance Company and was branded as the AXA/Equitable Liberty Bowl. Tulane won the game, 41–27, to finish—along with the Tennessee Volunteers—as the only undefeated Division I-A teams for the 1998 NCAA Division I-A football season.